BW Energy: Second quarter 2025 operational update

Core Viewpoint - BW Energy reported a decrease in net production and operational performance in Q2 2025 compared to previous quarters, indicating potential challenges in maintaining production levels and profitability [1][2]. Production Summary - Net production for Q2 2025 was 2.9 million barrels of oil (mmbbls), averaging 32.3 thousand barrels of oil per day (kbopd), down from 3.2 mmbbls in Q1 2025 and up from 2.1 mmbbls in Q2 2024 [1][2]. - Production from the Dussafu license was 2.4 mmbbls in Q2 2025, compared to 2.6 mmbbls in Q1 2025 and 1.4 mmbbls in Q2 2024 [2]. - Golfinho field production was 0.5 mmbbls in Q2 2025, down from 0.7 mmbbls in both Q1 2025 and Q2 2024 [2]. Sales and Pricing - Net volume sold in Q2 2025 was 2.8 mmbbls, a decrease from 3.7 mmbbls in Q1 2025 and an increase from 1.9 mmbbls in Q2 2024 [2]. - The average realized price per barrel was $66.7 in Q2 2025, down from $74.8 in Q1 2025 and $83.8 in Q2 2024 [2]. Operational Costs - Operational costs per barrel increased to $20.4 in Q2 2025 from $16.5 in Q1 2025, while it was $28.5 in Q2 2024 [2]. - Dussafu's operational costs were $14.3 per barrel in Q2 2025, up from $9.9 in Q1 2025, while Golfinho's costs were $49.0 per barrel, up from $42.2 in Q1 2025 [2]. Future Reporting - BW Energy will publish its financial results for Q2 and the first half of 2025 on August 1, 2025, with a webcast presentation scheduled for the same day [3]. Company Overview - BW Energy is focused on growth in the exploration and production sector, targeting proven offshore oil and gas reservoirs with a strategy aimed at low-risk phased developments [4][5]. - The company holds significant interests in various oil fields, including a 73.5% interest in the Dussafu Marine license in Gabon and a 100% interest in the Golfinho field in Brazil, among others [5]. - Total net 2P+2C reserves and resources were reported at 599 million barrels of oil equivalent at the start of 2025 [5].